Friends Life updates auto-enrolment product

Friends Life has updated its pensions auto-enrolment product to meet the needs of organisations that are staging in 2014.

The updated product aims to offer employers greater flexibility, choice and service options. Depending on their needs, employers will now be able to select from auto-enrolment services ranging from a basic qualifying scheme to a fully outsourced service including record keeping and communications.

Friends Life has also introduced a more flexible charging structure for employers wishing to purchase additional support services, under which they can either pay a one-off staging fee of £1,000 with a small on-going fee per member, per month, or a discounted up-front fee.

Colin Williams (pictured), managing director, corporate benefits at Friends Life, said: “The profile of organisations staging during 2014 is very different from before.

“We expect to see employers without in-house pensions specialists or external advisers making important benefits decisions on behalf of their employees, while relying on payroll and pensions providers to provide expertise to help with technical issues.

“We understand that not all organisations will have the ability to pay for advice and may need support on topics such as compliance, legislation and technology.

“As a result, we have introduced these changes to meet the needs of the next wave of employers staging this year.”